Public Hearing Re-Enacting Ordinance relating to conveyance of real property under the Neighborhood Stabilization Program (NSP) September 22, 2015 Re-Enacting Ordinance relating to conveyance of real property under the Neighborhood Stabilization Program (NSP) September 22, 2015

Background Federal Housing & Economic Recovery Act of 2008 created the Neighborhood Stabilization Program (NSP) to respond to residential foreclosures crisis. November 18, BCC approved the County’s NSP Plan. February 17, BCC approved Resolution No M-04 authorizing the Housing and Community Development Division to acquire and convey properties under the NSP program.

Ordinance Enacted April 28, 2009 Sets forth alternate provisions permitted by state law for acquisition & conveyance of real property Consistent with federal NSP guidelines Properties advertised using MLS listing service Properties may not be sold at a profit Sale only to qualified income eligible families & individuals

Ordinance Resolution 2009-M-04 expires at the completion of the NSP program Ordinance inconsistent with Resolution: contained automatic sunset date of 12/31/13 NSP program will continue until NSP funds can be closed out Re-enactment and ratification are necessary

Action Requested Approval of an Ordinance Relating to the acquisition and disposition of Real Property under the Neighborhood Stabilization Program Authorized by the Housing and Economic Recovery Act of 2008